Structural Steel Market Size was valued at USD 110.88 billion in 2023. The Structural Steel industry is projected to grow from USD 116.868 Billion in 2024 to USD 168.881 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.71% during the forecast period (2024 - 2032). The market drivers is fueled by several key factors, including the growing demand for energy conservation, waste reduction in construction, strict regulations on carbon emissions, and the urgency to address rapid deforestation. These drivers push the industry towards sustainable practices and solutions, creating opportunities for innovative and eco-friendly products and technologies.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The demand for stainless steel, a key structural steel component, is rising due to the growth of manufacturing industries. Structural steel's recyclability aligns with the demand for green building construction, further boosting its market. Countries like India and China, experiencing significant construction and infrastructure development, contribute to the expansion of the structural steel market. Government initiatives to enhance housing conditions drive the demand for structural steel in construction. Additionally, utilizing structural steel in large facades and walls contributes to the market's robust growth. This factor drives Market CAGR.
Additionally, the significant increase in residential and no building across the globe and the use of structural steel in constructing these buildings is considered the major driver for the structural steel market. The growth in manufacturing industries creates demand for flat products like stainless steel, which can drive the structural steel market. The increasing demand for green building construction is also increasing the market for structural steel as this structural steel is recyclable. Further, the growing construction activities and infrastructure development in countries like India and China can considerably increase the market for structural steel. The government initiative for improving housing situations across different countries has increased the demand for structural steel in the construction industry. Structural steel is used in large facades, walls, and other materials. Real estate companies are constructing various office areas, which also act as a growth driver for the structural steel market. Thus, these factors drive the Structural Steel market revenue.
The Structural Steel market segmentation is based on heavy sectional steel, light sectional steel, and rebar products. The heavy sectional steel segment dominated the market due to its strength, load-bearing capacity, and suitability for supporting substantial loads and providing structural stability. It is commonly employed in applications where structural integrity and durability are paramount.
The Structural Steel market segmentation, based on application, includes residential, non-residential and infrastructure. The non-residential segment dominates the market and is often influenced by the construction of commercial buildings, industrial facilities, and institutional structures. Structural steel is favored in these applications due to its strength, versatility, and ability to support large spans and heavy loads.
Figure 1: Structural Steel Market, by Application, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Structural Steel Market area will dominate this market because the market in this region is primarily driven by rapid industrial growth in conjunction with technological advancements in the region's construction industry. China has emerged as the most profitable country in this Region due to its rapid GDP growth, which has fueled demand for construction activities. Moreover, China’s Structural Steel market held the largest market share, and the Indian Structural Steel market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: STRUCTURAL STEEL MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Structural Steel market accounts for the second-largest market share. The global market for structural steel is witnessing substantial growth driven by the rise in residential and no building construction activities worldwide. There is also a growing emphasis on innovation in green construction materials, further propelling the market. The German Structural Steel market holds the largest market share among European countries, while the UK Structural Steel market is experiencing rapid growth.
The North America Structural Steel Market is expected to grow at the fastest CAGR from 2024 to 2032. Increased construction spending also drives demand in the region's structural steel market. The Region suffered a heavy economic loss, especially in the U.S. and Mexico, due to the COVID-19 pandemic.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Structural steel market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Structural Steel industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Structural Steel industry to benefit clients and increase the market sector. The Structural Steel industry has offered some of the most significant advantages in recent years. Major players in the Structural Steel market include Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.
Anshan Iron and Steel Group Corporation, a state-owned steel maker in China, is currently undergoing a potential merger with Benxi Iron & Steel Group. This strategic move by Anshan Iron & Steel Group is set to enhance the presence and global expansion of major players in the industry, providing new opportunities for growth and development.
Hesteel Group Company Limited, a prominent Chinese iron and steel conglomerate, recently acquired a 70% stake in Indian steel producer Tata Steel. This strategic move allows Hesteel to expand its international market share, particularly in Southeast Asia, with a growing focus on construction and infrastructure projects. Formerly known as Hebei Iron and Steel Group Co., Ltd., Hesteel Group is recognized for its iron and steel manufacturing industry expertise.
Sept 2020: Atlantech Online announced they had lit Anthem Row with fiber. The tenants on 700 K Street, NW, and 800 K Street, can now enjoy high-speed Internet bandwidth at affordable prices. Atlantech's Hosted PBX Service service can be utilized by tenants adding to the company's legacy.
Oct 2020: Vonage has teamed up with Hacktoberfest to promote and honor contributions to the Open Source community. As part of their initiative, Vonage provides access to their libraries, code snippets, and demos on GitHub, supporting developers in their Open Source projects.
| Report Attribute/Metric | Details |
| Market Size2023 | USD 110.88 billion |
| Market Size 2024 | USD 116.868 billion |
| Market Size2032 | USD 168.881 billion |
| Compound Annual Growth Rate (CAGR) | 4.71% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group |
| Key Market Opportunities | The factors driving the market growth include rapid urbanization, significant expansion in the construction sector, and a growing emphasis on innovation in green construction materials. |
| Key Market Dynamics | Recyclable, Environmentally friendly Reduces the greenhouse gas emissions |
Structural Steel Market Highlights:
Frequently Asked Questions (FAQ) :
The Structural Steel market size was valued at USD 110.88 billion in 2023.
The global market is estimated to grow at a CAGR of 4.71% during the forecast period, 2024-2032.
Asia-Pacific has the largest share of the global Structural Steel Market
The major players in the market are Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.
The Heavy Sectional Steel category dominated the market in 2023.
The non-Residential the largest share in the global market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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